Washington, DC – In the latest hairbrained scheme by Washington officials, the president and Congress have outlined a process in which they may ask the Treasury to begin printing trillion dollar coins.
If debt-ceiling negotiations continue to stall through fiscal year 2013, the coins will be considered the ‘most viable’ option for paying off the nation’s massive $16,000,000,000,000.00 plus debt. The measure will come up to test in February 2013.
Jim Pethokoukis on his American Enterprise Institute blog explains the process in great detail, but the bottom line is that Congress is condensing the printing of a large amount of money that symbolizes a true recession into a single coin. This should send red flags to all Americans.
There are laws and safeguards to protect the American people from too much paper, gold, silver and copper being in currency. The new trillion dollar coins are made of platinum, so they could circumvent the law and essentially allow Congress to debase the buying power of the dollar by putting an effective $1 trillion of them in circulation, without any of us every seeing a single promisary note. To date it is the highest scheme of stealing from the Middle Class of America.
While the coins are still in speculative phase, lawmakers are purportedly considering the likeness of President Ronald Reagan or economist John Maynard Keynes to sit upon the coins. Both of the men are hopefully rolling in their grave and hoping the Congress realizes they cannot continue to spend money America simply does not have and then scheme ways to make the economic situation look better.